Public Markets 8 Hours

Last updated: May 29, 2026, 2:31 AM ET

IPO and Fundraising Activity

Malaysia's Big Caring Group is planning to raise as much as $750 million in its IPO, positioning itself as one of the country's largest offerings this year. Meanwhile, Shanghai Zhengxin Food is exploring a Hong Kong IPO that may raise approximately $300 million, capitalizing on the fried chicken cutlet chain's growing popularity. In the space sector, SpaceX is targeting at least $1.8 trillion in its IPO valuation, down from higher expectations as Elon Musk's rocket company faces market realities. Investors are rushing to gain exposure to SpaceX before its public debut, with $14 billion net inflows already flowing into funds with stakes in the rocket company.

Currency and Commodity Markets

Industrial metals headed for their best monthly gain since January after the US and Iran extended their ceasefire by 60 days, while gold held above $2,300 as hopes for a US-Iran deal eased inflation concerns. Despite a record AI-driven trade surplus, South Korea's currency continues to trade at "crisis" levels, highlighting the disconnect between export performance and currency valuation. Asian currencies consolidated against the dollar as traders weighed a potential US-Iran deal, while the dollar's monthly rise left strategists cautious about further gains. China's export prices climbed at the sharpest pace in three years as an AI investment boom sent chip prices soaring.

Fixed Income Developments

Japanese government bonds remained mixed in early Tokyo trading amid signs of a potential US-Iran deal, while Japan's two-year bond yield edged higher after a lukewarm auction as investors bet on near-term interest rate hikes by the Bank of Japan. Credit Agricole set terms for ¥106.5 billion ($670 of samurai bonds, offering wider spreads than comparable domestic debt amid rising benchmark yen rates. Japan's major banks are set for their busiest fiscal year in over a decade for issuing hybrid bonds to finance higher regulatory capital requirements, despite Finance Minister Satsuki Katayama noting authorities can intervene in currency markets if volatility persists.

Equity Market Movements

A Jupiter Asset Management fund outperformed 92% of peers this year by capitalizing on Europe's AI energy boom, demonstrating how thematic investing can generate alpha. Corporate profits have diverged from worker pay to record levels, with labor's share of economic output hitting an all-time low while the profit share neared a record, helping explain why consumer sentiment remains weak. Americans are falling behind on credit card payments, with delinquencies reaching the highest levels since the financial crisis as families shift to "a pattern of survival debt" amid soaring interest rates. Meanwhile, Dell stock soared 150% since President Trump's accounts purchased more than $1 million worth, buoyed by strong data-center revenue and a Pentagon deal.